PHOENIX — Do you have a college student in the family working to pay tuition?
How about getting reimbursed for that and getting the hourly wage?
Starbucks, Chipotle and Home Depot are some of the many businesses paying college tuition for full and part-time employees.
They can pay up to $5,250 a year. It's a tax deduction for the business and tax free money for the employee.
But Kelsey Sheehy with Nerdwallet.com says there are some things to know before signing up.
The money covers tuition and books only. It does not cover room and board.
You must pay first and then get reimbursed and the amounts available can very.
For example, at Home Depot, full timers can get up to $3,000 and part timers get half of that.
It can also be college specific. Starbucks only reimburses for classes taken online through ASU.
Also, there may be grade restrictions and requirements to remain employed after receiving the money.
Sheehy says at Bank of America, employees reimbursed for graduate level programs "are required to be there at least 2 years after they secure reimbursement."
It's a great benefit.
But make sure to know any restrictions before you sign up so you won't have to give any money back later.
